Multiple Choice
Entrepreneurs have the incentive to:
A) follow the orders of the central planner.
B) move resources into those industries with the lowest marginal costs.
C) minimize marginal costs.
D) move resources out of low-value industries and into high-value industries.
Correct Answer:
Verified
Correct Answer:
Verified
Q19: Consider industries X and Y. Industry X
Q20: Creative destruction is a term coined by:<br>A)
Q21: Normal profits in a competitive industry refer
Q22: There is a tendency for economic profit
Q23: The elimination principle, a general feature of
Q25: The Invisible Hand Property 2 maintains that:<br>A)
Q26: Competitive firms want to produce the quantity
Q27: Use the following to answer questions:<br>Figure: Marginal
Q28: If a firm has revenues of $125,
Q29: Which of the following best help entrepreneurs